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JD Sports announces full year results

Jun 11, 2024 United Kingdom
JD Sports announces full year results
The UK-based sportswear retailer has announced its unaudited results for the year 2024, highlighting a strong revenue performance despite a challenging macro environment
“In the period, we again outperformed the market delivering organic sales growth* of 9% and Premium Sports Fashion organic sales growth* of 11%. This strong revenue performance was delivered in a challenging market, particularly through our peak trading period”, commented Régis Schultz, Chief Executive Officer of JD Sports Fashion.

Full Year Results

In the financial year 2024, which ended on the 3rd of February, JD Sports’ revenue increased by 2.7% to 10.4 billion British pounds (12.3 billion euros), as compared to the same period of last financial year, “in what ended up being a very challenging market”.

The company reported that like-for-like sales growth was 3.8% in this period, with a benefit of 5.2% from new stores, resulting in an organic sales growth of 9.0%. “This organic sales growth* exceeded estimated market value growth of 6.3% in the period, meaning we outperformed the market organically, and we increased our share of the global sportswear market by 10 basis points to 3.4%”, emphasised JD Sports.

The company’s full year revenue in the UK region decreased by 8.3% year-on-year to 3.51 billion British pounds (4.15 billion euros), mainly due to the impact of non-core divestments made over the last two years. On the other hand, revenue in Europe increased by 16.3% year-on-year to 3.09 billion British pounds (3.66 billion euros), in North America by 8.4% year-on-year to 3.41 billion British pounds (4.03 billion euros) and in the Asia Pacific by 7.5% year-on-year to 524.8 million British pounds (620.9 million euros).

From a channel perspective, over fiscal 2024, retail store revenue reached 7.96 billion British pounds (9.42 billion euros), up by 8.9% year-on-year, while the online channel revenue decreased totalled 2.35 billion British pounds (2.90 billion euros), down by 7.6% year-on-year, “reflecting the continued shift back to pre-pandemic online participation and our investment in stores”.

Footwear was the best-performing segment in the twelve months, with revenue growth of 8.2% to 5.92 billion British pounds (7.0 billion euros), on a comparable basis to the same period of fiscal 2023. Accessories revenue also rose by 6.4% to 669.5 million British pounds (792.1 million euros) and the other revenue by 17.3% to 543.7 million British pounds (643.3 million euros). On the other hand, apparel revenue, “impacted by the milder Autumn/Winter weather” declined by 4.3% year-on-year to 3.41 billion British pounds (4.03 billion euros).

In the past fiscal year, JD Sports’ gross margin contracted slightly by 20 basis points to 48.0% from a similar period of the prior year, thanks to the “positive mix benefit from the strong organic sales growth of the JD brand”, which helped to offset “the impact from the elevated market promotional environment” experienced in the last quarter, specifically in December.

The sportswear group recorded a full year profit before tax and adjusting items of 917.2 million British pounds (1.09 billion euros), a decrease of 8.0% on a comparable basis to the profit before and adjusting items of 991.4 million British pounds (1.17 billion euros) recorded in the previous fiscal year.

First Quarter Trading Update

We have started the new financial year with Q1 in line with our expectations in a volatile market and we are on track to deliver our profit guidance for the full year. Looking further ahead, we have a strong business model and a clear strategy to deliver long-term growth and value creation for our shareholders”, Schultz concluded.

In the 13 weeks to the 4th of May, like-for-like sales declined by 0.7% against a comparative of 14.5% in the first quarter of last year and organic sales grew by 4.9% against a comparative of 19.7% in the first quarter of last year. Market promotional activity remained high in all regions.

For fiscal 2025, the company expects to achieve a full year profit before tax and adjusting items in the range of 995 million and 1.04 billion British pounds (1.18 billion to 1.23 billion euros).


Image Credits: drapersonline.com


1 GBP = 1.18 EUR


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